Money management app Pocketbook will shut down next month after a decade in business. The company, now owned by the embattled ASX-listed BNPL Zip Co., announced yesterday that it will close on August 5. In a note on its website, Pocketbook, which was reportedly used by 800,000 people, did not give a reason for its… Read more »
The news that Volt Bank, the last of the three true Australian neobanks to secure a banking licence, is shutting down sent waves through the banking and fintech community this week. It is the second neobank to return deposits and surrender its banking license after the high profile collapse of Xinja, as well as the… Read more »
The collapse of Volt is sending shockwaves through the fintech sector as startups closely connected to the neobank, such as Parpera, scramble to regroup. The fintech partnered with Volt for banking services, meaning its 500+ small business customers have lost banking, payments and cards functions until a new banking collaborator is found. In a post… Read more »
Neobank Volt has become a victim of tightening investment market announcing it will shut down after struggling to raise capital. The online-only retail bank was the first challenger brand to receive a new banking licence in 2019. A statement posted on its website today announced it is closings all deposit accounts and will hand its… Read more »
Monoova, Nano Digital Home Loans, BTC Markets, Wagestream, Tanggram, and Up are among the biggest winners of the seventh annual FinTech Australia Finnie Awards. For the first time in the awards’ history, no company won more than a single prize, with FinTech Australia CEO Rehan D’Almedia saying it demonstrated the growth of the sector in recent… Read more »
Sydney fintech Brighte, which has been riding the wave of home solar funding, has cut its workforce by around 15%, laying off more than 30 staff. The move comes as homeowner interest in solar panels jumps in response to skyrocketing energy prices. Despite being backed by heavy-hitting investors, including the family VC firms of Atlassian… Read more »
Apxium is a leading provider of accounts receivable automation software, along with smart payments tech and automated invoice financing to deliver a unique combination that was previously missing within the global professional services arena. Founder and Managing Director Jeremy Coombe said that as a unique “SaaS+FinTech” innovation, Apxium brings new technology to solve problems evident… Read more »
Hnry believes sole traders should have access to world-class tax accountancy services. They say there’s no other certainty in life than death and taxes, but for many sole traders, doing their taxes is a kind of death. Death by a thousand numbers, receipts, deadlines and obligations. It’s enough to kill the startup dream. Then along… Read more »
Share trading and superannuation fintech Superhero will merge with cryptocurrency exchange Swyftx to create a four-year-old fintech startup valued at $1.5 billion. The two fintechs will continue to operate their separate brands and platforms while offering both services to all users in what they describe as create “the country’s first digital and traditional finance powerhouse”,… Read more »
Apple just made itself the elephant in the room of buy-now-pay-later. With the sector struggling amid plunging stock prices, slowing growth and a looming economic downturn, Apple announced it was entering the BNPL space at its annual Worldwide Developers Conference (WWDC). Apple Pay will gain a new feature, Apple Pay Later, which, like AfterPay, Klarna… Read more »
Mastercard’s “smile to pay” system, announced last week, is supposed to save time for customers at checkouts. It is being trialled in Brazil, with future pilots planned for the Middle East and Asia. The company argues touch-less technology will help speed up transaction times, shorten lines in shops, heighten security and improve hygiene in businesses.… Read more »
In another blow for the already crowded buy-now-pay-later (BNPL) sector, another major bank is getting into the space, with NAB announcing its own pay-in-four instalments offering. The bank’s opened pre-registration for customers today for the NAB Now Pay Later product They will be able to access up to $1,000, split purchases into four payments, use… Read more »
The Commonwealth Bank is expanding its children’s banking products with a new digital app as part of a wider digital strategy announced by CEO Matt Comyn. The range of initiatives the bank launched include a new low interest digital home loan at 2.14% for owner-occupiers. It’s also adding the CommSec share trading app to the… Read more »
The finalists for FinTech Australia’s sixth annual business awards, known as The Finnies, have been announced. More than 290 entries were received for this year’s awards, across 20 categories, with the judges selecting a shortlist of 125 finalists. FinTech Australia CEO Andrew Porter said the calibre of entries continues to rise each year for the… Read more »
Sydney fintech BizPay is laying off nearly a third of its workforce amid an ongoing capital raise. The business cashflow startup, which bills itself as a buy now, pay later (BNPL), letting companies pay invoices in four instalments, has shed 30% of its team, who finish up this week. Founder and CEO David Price blaming… Read more »
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